Loop Capital Boosts Costco Wholesale (NASDAQ:COST) Price Target to $300.00
Costco Wholesale (NASDAQ:COST) had its price target lifted by Loop Capital to $300.00 in a report issued on Thursday, The Fly reports. They currently have a buy rating on the retailer’s stock. The analysts noted that the move was a valuation call.
Other equities research analysts have also issued research reports about the stock. Stifel Nicolaus boosted their price objective on shares of Costco Wholesale from $261.00 to $289.00 and gave the stock a buy rating in a research note on Thursday. Wells Fargo & Co dropped their price objective on shares of Teva Pharmaceutical Industries from $18.00 to $17.00 and set a market perform rating on the stock in a research note on Thursday, May 9th. Goldman Sachs Group raised shares of Altria Group from a neutral rating to a buy rating and set a $59.00 price objective on the stock in a research note on Thursday. Nomura boosted their price objective on shares of Costco Wholesale from $235.00 to $256.00 and gave the stock a neutral rating in a research note on Thursday. Finally, Gordon Haskett lowered shares of Costco Wholesale from an accumulate rating to a hold rating and set a $244.90 price objective on the stock. in a research note on Wednesday, May 29th. They noted that the move was a valuation call. Seven research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. Costco Wholesale presently has an average rating of Buy and a consensus target price of $259.39.
Shares of NASDAQ COST opened at $279.44 on Thursday. Costco Wholesale has a 1 year low of $189.51 and a 1 year high of $280.00. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.98 and a quick ratio of 0.48. The company’s 50-day moving average is $258.90. The stock has a market capitalization of $122.89 billion, a PE ratio of 35.51, a P/E/G ratio of 3.92 and a beta of 0.94.
Costco Wholesale declared that its Board of Directors has authorized a share buyback plan on Friday, April 26th that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the retailer to buy up to 3.8% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, VP Patrick J. Callans sold 2,000 shares of the stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $252.15, for a total transaction of $504,300.00. Following the transaction, the vice president now owns 66,479 shares in the company, valued at $16,762,679.85. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Richard A. Galanti sold 3,000 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $266.39, for a total transaction of $799,170.00. Following the transaction, the chief financial officer now owns 27,582 shares in the company, valued at approximately $7,347,568.98. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,136 shares of company stock worth $7,380,374. 0.21% of the stock is owned by insiders.
A number of institutional investors have recently modified their holdings of COST. BlackRock Inc. increased its holdings in Costco Wholesale by 2.6% during the fourth quarter. BlackRock Inc. now owns 28,778,155 shares of the retailer’s stock valued at $5,862,398,000 after buying an additional 736,711 shares during the last quarter. FMR LLC increased its holdings in Costco Wholesale by 5.0% during the first quarter. FMR LLC now owns 10,924,782 shares of the retailer’s stock valued at $2,645,326,000 after buying an additional 518,843 shares during the last quarter. Northern Trust Corp increased its holdings in Costco Wholesale by 3.4% during the fourth quarter. Northern Trust Corp now owns 6,230,704 shares of the retailer’s stock valued at $1,269,257,000 after buying an additional 202,554 shares during the last quarter. Geode Capital Management LLC increased its holdings in Costco Wholesale by 6.8% during the fourth quarter. Geode Capital Management LLC now owns 6,036,155 shares of the retailer’s stock valued at $1,227,757,000 after buying an additional 386,144 shares during the last quarter. Finally, Norges Bank purchased a new stake in Costco Wholesale during the fourth quarter valued at approximately $868,633,000. Institutional investors own 71.10% of the company’s stock.
About Costco Wholesale
Costco Wholesale Corporation, together with its subsidiaries, operates membership warehouses. It offers branded and private-label products in a range of merchandise categories. The company provides dry and packaged foods, and groceries; snack foods, candies, alcoholic and nonalcoholic beverages, and cleaning supplies; appliances, electronics, health and beauty aids, hardware, and garden and patio products; meat, bakery, deli, and produces; and apparel and small appliances.
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